A lot of non-resident vendors try to not carry out business in Canada because of they need to register and remit Canadian Value Added Tax (VAT), which we know it as GST, HST, PST, or QST. With the ever-growing use of digital goods, such as Apple Music, Amazon, Netflix and even Airbnb, these companies are […]
Author Archives: Tax Partners
05
Nov
Nov
If you own any type of cryptocurrency, then you know that the government has changed a lot regarding the reporting of any capital gains. While just having cryptocurrency does not give rise to any tax, when you purchase, sell or mine then that’s when the transaction will be considered a disposition. All sales and purchases […]
05
Nov
Nov
Nothing says escape like going to your cottage on the water with your family for a few weeks. Now that your children are all grown up and going to the cottage seems more of a burden than a relaxing experience, you’ve decided to sell it. You may think that any capital gains on your property […]
05
Nov
Nov
A Clearance Certificate is issued by the CRA when all the deceased tax obligations have been met and there is no amount owing to the government. This includes federal and provincial taxes and interest and penalties. The main purpose of a clearance certificate is to show that the deceased no longer owes any monies to […]
05
Nov
Nov
For a business to fulfill its tax obligation, Business Tax Audits are a key way the CRA can do so. Whether it’s Payroll, Income Tax, Benefits, HST/HST or Remittances. During a business tax audit, it allows the CRA to examine the books, records, financials and other documentation that is relevant to the business. The CRA […]
05
Nov
Nov
An ABIL is a capital loss with one special tax treatment. It is 50% of business investment loss. An ABIL is deductible at all sources of income and if they are unused during a tax year than it can be carried forward 10 years and back 3 years. All ABIL that are not used within […]
08
Feb
Feb
Income Tax in Canada or the United States is complex and is one of the biggest expenses we pay. It is important to have an accounting firm on your side that can ensure your income tax return is filed correctly. Tax Partners makes it easier whether you are a small business owner, an individual filing […]
03
Feb
Feb
If you own residential property, you should be aware of the newly proposed Underused Housing Tax (“UHT“) set to take effect on January 1, 2022. The UHT is a national, annual 1% tax on the value of non-resident, non-Canadian-owned residential real estate that is vacant or underused. The legislation received royal assent on June 9, 2022 and […]
28
Dec
Dec
Current GST/HST procedures are difficult to understand and impose significant reporting and remittance obligations on sole proprietors, small and medium-sized businesses, and large corporations alike. In order to thrive under the GST/HST system, companies must understand their tax classification under the Excise Tax Act. There are three main classifications of supplies in the Excise Tax […]
28
Dec
Dec
In Canada, taxpayers have legal rights listed in the Canadian Revenue Agency Taxpayer Bill of Rights. The Ombudsman was established to help enforce the Taxpayer Bill of Rights and is independent of the CRA. So, what exactly does the Canadian Tax Ombudsman do? Well, they don’t deal with tax policy or program legislation complaints and […]